HOEPA Loan definition

HOEPA Loan. A Mortgage Loan which (a) the Owner has identified to the Servicer in the Mortgage Loan Schedule as being subject to HOEPA, or (b) which the Servicer discovers is subject to HOEPA. Index: With respect to each Adjustable Rate Mortgage Loan, the index set forth in the related Mortgage Note.
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HOEPA Loan. A Mortgage Loan which (a) the Owner has identified to the Servicer in the Mortgage Loan Schedule as being subject to HOEPA, or (b) which the Servicer discovers is subject to HOEPA. HUD: The Department of Housing and Urban Development, or any federal agency or official thereof which may from time to time succeed to the functions thereof with regard to FHA Mortgage Insurance. The term “HUD,” for purposes of this Agreement, is also deemed to include subdivisions thereof such as the FHA and Government National Mortgage Association. Index: With respect to each Adjustable Rate Mortgage Loan, the index set forth in the related Mortgage Note.
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HOEPA Loan a Mortgage Loan subject to the Home Ownership and Equity Protection Act of 1994 (“HOEPA”).
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Examples of HOEPA Loan in a sentence

  • Further, prior to the commencement of any loss mitigation procedures with respect to a HOEPA Loan, the Servicer shall notify those servicing personnel involved in loss mitigation related to the Mortgage Loan as to whether or not any such disclosure documentation is defective or missing.

  • In addition, once the Servicer determines to commence a foreclosure proceeding with respect to a HOEPA Loan, but prior to such commencement, the Servicer and its outside counsel shall review the Mortgage File to determine whether or not the requirements of HOEPA shall have been satisfied in connection with the origination, underwriting, servicing and sale of such HOEPA Loan, including whether or not required and accurate disclosures were made to and acknowledged by the related Mortgagor(s).

  • Further, prior to the commencement of any loss mitigation procedures with respect to any such HOEPA Loan, the Company shall notify those servicing personnel involved in loss mitigation related to the Mortgage Loan as to whether or not any such disclosure documentation is defective or missing.

  • In addition, once the Company determines to commence a foreclosure proceeding with respect to any such HOEPA Loan, but prior to such commencement, the Company and its outside counsel shall review the Mortgage File to determine whether or not the requirements of HOEPA shall have been satisfied in connection with the origination, underwriting, servicing and sale of such HOEPA Loan, including whether or not required and accurate disclosures were made to and acknowledged by the related Mortgagor(s).

  • Along the same lines, the Bureau should not issue the final rule until the Ability to Repay/QM, QRM, HOEPA, Loan Officer Compensation, and other rules have been finalized as they all could affect the RESPA/TILA rule.

  • Upon receipt of notice of any HOEPA Loan, Purchaser shall cause servicing of such HOEPA Loan (and the related Servicing Rights) to be transferred from Servicer to a subsequent servicer designated by Purchaser as soon as reasonably practicable, and Servicer shall cooperate in such transfer After reviewing the environmental inspection report, the Purchaser shall determine how the Servicer shall proceed with respect to the Mortgaged Property.

  • Delta shall not underwrite a HOEPA Loan (defined below) without regard to the ability of the borrower to repay such loan.

  • Each HOEPA Loan meets the rating agency requirements, as applicable, for a public securitization.

  • Other than the division of out-of-pocket expenses set forth above with the Selling Stockholders, the Company shall not be required to pay any other costs, expenses or fees related to the transactions contemplated by this Agreement.

  • With respect to any Mortgage Loan that (a) is a HOEPA Loan and with respect to which Servicer is not proceeding to liquidation as a result of loan file or other defects, or (b) is collateralized by a Mortgaged Property and the Servicer is not proceeding to liquidation as a result of environmental contamination, the Servicer shall be entitled to be reimbursed for its Servicing Advances from amounts in the Custodial Account pursuant to Section 2.05 hereof.


More Definitions of HOEPA Loan

HOEPA Loan. A Mortgage Loan which (a) is subject to HOEPA or (b) which the Servicer discovers is subject to HOEPA. Index: With respect to each Adjustable-Rate Mortgage Loan, the index set forth in the related Mortgage Note.
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HOEPA Loan. A Mortgage Loan which (a) is subject to HOEPA or (b) which the Servicer discovers is subject to HOEPA. Inbound Transfer Date: The date on which the Servicer begins servicing the related Mortgage Loan pursuant to this Agreement. Index: With respect to each Adjustable-Rate Mortgage Loan, the index set forth in the related Mortgage Note.
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HOEPA Loan. A Mortgage Loan subject to the Home Ownership and Equity Protection Act of 1994 (“HOEPA”). Index: With respect to each Adjustable Rate Mortgage Loan, the index set forth in the related Mortgage Note.
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HOEPA Loan means any Loan that breaches the Home Ownership and Equity Protection Act of 1994 and its implementing regulations, including 12 CFR § 226.32.
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HOEPA Loan means any loan which meets the definition in 15 U.S.C. ss. 1602(aa) and regulations promulgated thereunder. 3. The terms "close" or "closing" or "closed" when used in relation to a loan shall mean the date on which the loan transaction is "consummated" as defined in 12 C.F.R. ss. 226.2(a)(13). 4. The term "mortgage broker" shall mean a person defined as such in 24 C.F.R. ss. 3500.
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Related to HOEPA Loan

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • MOM Loan With respect to any Mortgage Loan, MERS acting as the mortgagee of such Mortgage Loan, solely as nominee for the originator of such Mortgage Loan and its successors and assigns, at the origination thereof.

  • Funding Loan means the Funding Loan in the original maximum principal amount of $ made by Funding Lender to Governmental Lender under the Funding Loan Agreement, the proceeds of which are used by the Governmental Lender to make the Borrower Loan.

  • Buydown Loan A Mortgage Loan for which the Mortgage Interest Rate has been subsidized through a Buydown Fund provided at the time of origination of such Mortgage Loan.

  • Sub-loan means a loan made or proposed to be made by the Borrower out of the proceeds of the Loan to a Private Enterprise for an Investment Project;

  • PPP Loan means the loan in principal amount of $673,184 issued to the Company by the PPP Lender pursuant to the promissory note dated April 20, 2020.

  • FHA Loan means a Mortgage Loan which is the subject of an FHA Mortgage Insurance Contract.

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • SOFR Loan means a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”.

  • Subsidy Loan Any Mortgage Loan subject to a temporary interest subsidy agreement pursuant to which the monthly interest payments made by the related Mortgagor will be less than the scheduled monthly interest payments on such Mortgage Loan, with the resulting difference in interest payments being provided by the employer of the Mortgagor. Each Subsidy Loan will be identified as such in the Mortgage Loan Schedule.

  • CD Loan means a Committed Loan which bears interest at a CD Rate pursuant to the applicable Notice of Committed Borrowing or Notice of Interest Rate Election.

  • Co-op Loan A Mortgage Loan secured by the pledge of stock allocated to a dwelling unit in a residential cooperative housing corporation and a collateral assignment of the related Co-op Lease.

  • Term Loan Advance and “Term Loan Advances” are each defined in Section 2.1.1(a).

  • Facility A Loan means a loan made or to be made under Facility A or the principal amount outstanding for the time being of that loan.

  • Eurodollar Revolving Loan means any Revolving Loan bearing interest at a rate determined by reference to the Adjusted LIBOR Rate in accordance with the provisions of Article II.

  • Term Loan has the meaning specified in Section 2.01(b).

  • SLS Loan means a Loan which was made pursuant to the Supplemental Loans for Students Program established under Section 428A of the Higher Education Act (or predecessor provisions), including Loans referred to as ALAS Loans or Student PLUS Loans.

  • Loan Advance The meaning specified in Section 2.2(a).

  • Shared-Loss Loan Commitment Advance means an advance pursuant to a Shared-Loss Loan Commitment with respect to which the Assuming Institution has not made a Permitted Advance.

  • LPMI Loan A Mortgage Loan with a LPMI Policy.

  • ABR Revolving Loan means any Revolving Facility Loan bearing interest at a rate determined by reference to the ABR in accordance with the provisions of Article II.

  • U.S. Revolving Loan means a Revolving Loan made to the U.S. Borrower by the U.S. Revolving Lenders.

  • Fraud Loan A Liquidated Mortgage Loan as to which a Fraud Loss has occurred.

  • Facility B Loan means a loan made or to be made under Facility B or the principal amount outstanding for the time being of that loan.

  • Revolving Loan Note means a promissory note in the form of Exhibit B-2, as it may be amended, supplemented or otherwise modified from time to time.

  • Term SOFR Rate Loan means a Loan that bears interest based on the Term SOFR Rate.